1 **NEWARK AIR MUSEUM TRUSTEES REPORT FOR THE YEAR 2020** When we first set out in 2020 we were hopeful of a good year, but little did we know what Covid related issues lay in wait for us and indeed the rest of the world. We would like to start by thanking all of the staff, members and visitors who have helped the museum during this challenging time. As a volunteer managed registered charity we rely on public admission fees, shop sales etc. to fund our operation and like most similar organisations we relied on the generosity of our visitors, volunteers and staff in these unprecedented times. We were closed for one hundred and fifty eight (158) days out of a planned three hundred and sixty two (362) days and people associated with the museum came to terms with the expectations of lock-down and not being able to access the museum’s site. That said we still attracted 10,245 visitors. Sadly, staff were furloughed and wherever possible we took the opportunity to apply for grants and funding to help ensure our survival. We implemented an ad hoc supervision process whereby when appropriate we checked alarms, monitored the waste treatment plant and that everything was secure. We are extremely grateful to a number of groups and organisations who have been offering advice and guidance and we would like to give a particular shout-out to the following for their advice and guidance: Association of Independent Museums (AIM); Museum Development East Midlands (MDEM); The team at Visit Notts; the Office of the Rt Hon Robert Jenrick MP; the tourism & finance teams at Newark & Sherwood District Council (NSDC); Arts Council England; Visit England and the #ThanksToYou National Lottery Promotions Unit – you all helped us greatly and we do appreciate your support. As in previous years the trustees will use this report to detail the museum’s performance against its stated Forward Plan and Strategies. The accompanying accounts have been prepared in line with updated SORP reporting guidelines. We have also complied with the requirements of the Charities Act 2011 in having due regard to public benefit guidance published by the Charity Commission. The trustees still aim to retain a reserve fund of £40,000 as part of their budgeting process to cover any period of significant loss through accident or natural adverse events; a point that became more apparent this year, when we also held our first Virtual AGM. ## **Performance Against Our Five Year Forward Plan** ## **AIM 1.** _**Development & continued integration of the Southfield Site.**_ Whilst local pressures on the museum’s existing infrastructure were reduced by Covid regulations; the need for the continued integration of the Southfield Site into the museum operation; remains a priority. Upward pressure on rent for the leased site remains and we monitor its effect on our Northfield Site lease. In early January we laid a new hardstanding area on the Southfield Site, that was designed to assist with the planned arrival of Eurofighter Typhoon DA4, which has been gifted to us by the Imperial War Museum (IWM) Duxford. As series of aircraft moves were implement to create the additional space required to rebuild DA4 once it arrived, a project that was eventually delayed by Covid-regulations. Later in the summer during a rest bite in the Covid regulations, further aircraft moves were also completed; and this involved revising the DA4 arrival plans and moving some aircraft out of Hangar 2. Our waste treatment system, operates well and via the associated sampling regime we continue to comply with Environment Agency discharge standards for the waste water discharge into the culvert. The café with its varied menus continued to thrive; so much so the turnover increased to a point that it had to become VAT registered. The grassed area of the Southfield Site continues to be maintained, which has enabled its continued utilisation as a temporary car parking area for special event days; thereby easing parking issues elsewhere. The RAF Winthorpe Memorial Garden continues to be well maintained; a new EOD Memorial was also installed during the summer. 2 ## **AIM 2.** _**Secure the long-term future of Aircraft and Small Artefacts.**_ The quality of the restoration work and displays coming from the volunteers and staff continues to be of the highest standard. To comply with various Covid- Secure regulations, such as the Rule of Six, we had to adapt our methods of working. When permitted restoration and cleaning work was carried out on the following exhibits, notably: Ashton, Buccaneer, Bulldog, Canberra B(I)8, Canberra T19, Case & David Brown tractors, Cessna 310, Chinook, Dove, Draken, F-100 Super Sabre; Harvard, Hastings, Heron, Hunter T7, Lightning, Lynx, Meteor NF14, Meteor T7, Merlin engine, MiG-27, Monospar, Mooney, Puma, Rallye, Sea Vixen, Shackleton, TriStar Simulator, Varsity and Viggen, Vulcan. Issues raised in Conservation Reports on the Vulcan and Shackleton were again discussed with the Lincolnshire’s Lancaster Association (LLA), who own both aircraft; some solutions were implemented. In the autumn a further Puma airframe was donated to the museum, along with a significant cache of spares; and these started to be incorporated into the Puma XW208 Rebuild Project. Due to Covid the Accreditation resubmission process stalled, but along with many other organisations we retained our Accredited status. The importance of our accredited status was highlighted by the loan of a Rolls-Royce Conway engine via the VC10 Preservation Group. This involved us accepting the engine as part of a transfer of the existing loan agreement between RAF Brize Norton and the VC10 Preservation Group. Further refinements were implemented to various aspects of the museum’s operation. Rationalisation of some non-accessed items continued to other properly constituted organisations / restoration projects; in line with one of our stated charitable aims of supporting other aviation projects. A programme of building maintenance and upkeep was ongoing. Various fresh displays were incorporated around the museum, including the reconstruction of the tail section of the Yellow Sun bomb. Greater use of the Archive was maintained and we responded as required to public enquiries, which benefitted a number of local groups and organisations; despite being closed for many months. ## **AIM 3.** _**Continue development of the educational resources we provide.**_ Covid regulations meant that only 5 facilitated school visits were hosted and all of these took place before the enforced closure in March. This equated to 342 young people from across the region; covering age ranges from Reception to Year 6; with topics of World War II, flight and the Battle of Britain. Also before lockdown we hosted two Air Training Corp (ATC) units and one other group visit. Some online activities were undertaken during lockdown to encourage engagement with education based organisations, and maintain our profile as much as possible Recording of memorial dedications continued as a means of supporting our wider charitable aim to the commemoration of aviation in the local area. In early December, museum volunteers travelled to a location in North Nottinghamshire and collected a significant amount of aviation archive material from the family of the late Paul Coggan, the former publisher of the iconic Warbirds Worldwide series of aviation publications. The archive material had been stored by his family since he passed away, and save for the vigilance of a former Assistant Editor of the Journal, who contacted the museum from his home in Australia, it could have been lost. This collection of aviation archive material, comprising thousands of photographs and colour transparencies had been offered to several other UK based organisations, who did not show any interest in securing its future. This has now been saved and added to our archive. ## **AIM 4.** _**To improve the Visitors experience whilst at the Museum and increase access to all areas of the collection.**_ In the spring, just before lockdown we were notified that we had won a 2019 Visitor Attraction Accolade in the Welcome category, which recognised us as one of the outstanding visitor experiences on offer across the country. The museum’s Award followed a VAQAS (Visitor Attraction Quality Assurance Scheme) assessment in autumn 2019 and was based on the score the museum gained during a secret visit by the VisitEngland assessor. This Award was one of only six made that year in the East Midlands and of seventy-three across the country . 3 Covid-regulations saw us have to cancel all of our special events throughout the year and to suspend all of our open cockpit access at the museum. Many of our volunteers who had opened cockpits turned into guides and stewards to help us marshal our visitors via a temporary one-way system around the displays when we were allowed to be open. In the early days of lockdown, we participated in the BBC Radio Nottingham Big Day In event and we also organised a competition that saw ATC cadets build planes out of recycled items during. ## **AIM 5.** _**Develop further the subject of Training as a key theme of the museum.**_ The process of transferring Eurofighter Typhoon DA4 (ZH590) to the museum, was delayed just before lockdown and work on this significant acquisition project never restarted during the year. It does however remain a priority project for us to complete. In spring 2020 just before lockdown the museum had some dialogue with Leicestershire County Council (LCC) over the possible acquisition of the Reid & Sigrist Desford airframe. Due the pandemic this opportunity was retained as confidential information until early December, when the airframe was offered to the museum. Originally developed during the latter stages of World War II as the twin-engined, Reid & Sigrist RS.3; a three-seat advanced trainer, the aircraft was rebuilt as the RS4 Bobsleigh Desford. In this configuration it was used as an experimental aircraft with the pilot in a prone position, felt to be advantageous in minimising g-force effects in fighter aircraft. Whilst the RS4 was a propeller driven aircraft, it no doubt contributed important low speed data to the Royal Air Force’s high-speed research work exploring high g-forces encountered in high speed jet aircraft manoeuvres. A number of prone-pilot experimental jet aircraft, including the Gloster Meteor F8 "Prone Pilot" aircraft were produced. Given its history it ticked a number of boxes on our Collecting Policy and we accepted the offer. As with Eurofighter Typhoon DA4, this acquisition was also paused for review by LCC. ## **AIM 6.** _**To implement better project planning and enhanced communications at all levels of the organisation.**_ Throughout the year significant effort was maintained into providing regular updates and posting up to date and informative content onto the museum’s website. The Social Media activities continued to be supported with both the Facebook group and a Twitter account flourishing. Once again both platforms helped keep the volunteers and public advised of our opening status and the Covid-Secure procedures that were being implemented when we were open. Our quarterly museum membership renewal system continues to encourage more people to take out museum membership. Guest writers continued to be encouraged to contribute articles and features to the Dispersal newsletter; the museum is grateful for this ongoing independent input from around the world. A big part of planning for reopening was centred around understanding and implementing the various Covid regulations to ensure that we could open in a Covid-Secure manner, and fulfil our ever changing legal obligations the regulations brought us. This was done successfully and without any closures due to Track & Trace infringements, non-compliance etc. A regime of rotas for visitor management, volunteer work opportunities were well received and successful. Gift Aid data started to be entered thanks to the efforts of museum staff; albeit the HMRC online claim system was not submitted until 2021. During the year various a limited number of meetings were held with a number of external partners / advisors including the local councils; site landlords; local Heritage Fora; reports and feedback information were made available for these activities. The outsourcing of a significant part of the book keeping work, furlough, wages and PAYE continues to work well. Beneficial external programmes, for trustees, staff and volunteers continue to be used. 4 ## **AIM 7.** _**To invest in people and to encourage an enhanced personal involvement in the Museum and its collection.**_ Despite the impacts of Covid regulations the manner in which we managed our volunteers continued to flourish thanks to the efforts of the Restoration Manager, with support from various museum volunteers and the trustees. The role of the working members remains extremely important, albeit with a much reduced number of volunteer hours being recorded during 2020; and many thanks go out to everyone involved in this vital work. Further working members were inducted at the museum and the aircraft documentation policy continued to be integrated to the Conservation Policy. Audience Development work continued with further consultation exercises via the Visitors Book; post codes gathered from Gift Aid data. This included feedback for the ONS and VisitEngland – and in turn providing support data for possible future grant fund applications. The commitment of trustees and staff has continued to address various administrative tasks including: Health & Safety; SORP Compliance for the Charity Commission; the National Minimum Wage; Pension legislation; Furlough and Radiation Monitoring. In particular, Covid-Secure Health & Safety documentation continued to be high on our Agenda along with other policy documents, including the cash-flow forecasting and various items connected to Museum Accreditation. The museum’s relatively stable financial situation meant that it was ineligible for many of the major grant programme that the Covid pandemic presented, many were evaluated, but we did not submit any major capital or survival applications. There was an obvious enforced lack of Staff meetings but we endeavoured to main communication channels vai, email, telephone and via the website. ## _**AIM 8. Foster greater links with the armed services and veterans in the local area**_ The opportunity to establish bonds with the local Royal Air Force Stations was limited by Covid regulations. However, we were the recipient of various deactivated munitions following the closure of a RAF Explosive Ordnance Disposal (EOD) squadron RAF Wittering. These were formed into a new display in Hangar 2. These links continued to be reinforced by recording low flying aircraft on training flights over the museum, on a special page on the museum website. Sadly, due to Covid regulations the Remembrance Day Service at the museum was cancelled. However, with another expanded Weeping Lancaster commemoration in Hangar 1 was implemented by Nigel and Jude Bean, again attracting universal praise and admiration. We did help promote the centenary of the Royal Air Force College Cranwell with an appeal for information via the Dispersal newsletter. In late autumn these connections were enhanced further when the cabin of Puma XW225 was collected from the museum and moved back into military service as a training aid at the nearby Beckingham Training Ground. ## _**Other Milestones**_ The museum again fulfilled some mentoring / consultation work with several like-minded groups mainly via email and telephone communication. Two sad milestone complete this report when we note the sad passing of long standing museum working volunteer John Jarratt; and our much loved former Café Manager, Mary Watchorn – blue skies to them both! _**Approved at the AGM on 16.10.21**_ _**The Museum is a registered charity no. 256434**_ Company Registration Number.. 00930888 The Charity Registration Number is- 256434 Newark INottingham5hire & Lincolnshire) Air Museum Limited Report and Accounts 31 December 2020 Newark (Nottinghamshire & Lincolnshire) Air Museum Limited Company Registration Number- 00930888 Reference and Administrative Details as at 31 December 2020 The Trustees are presenting a separate Trustee5 Report Reference and admlnistr*lve details The chority nume The legal name of the charity is- Newark (Nottinghamshire & Lincolnshire) Air Museum Limited The charity is also known by it5 operating name, Newark (Nottinghamshire & Lincolnshirel Air Museum Limited The charity s oreos operotlon ond UK chttrituble registrntlon The charity is registered in England & Wales with the Charity ComFnis5ion in England & Wales ICCEW) with charity number 256434 Legal strurture of the cht7rity The governing document of the charity is the Memorandum and Articles of Association establishing the company ijnder company legislation. By operation of law èll, trustees are directors utTrder the Companie5 Act 2006 and all director5 are trustees under Charities legislation and have responsibilities, as such. under both company and charity legislation. The trustees are all individual5. H Heeley DI Hibbert C Savill C Rice D Grifftths M l Allen A G Clark K Graham appointed 24.11.20 appointed 11.02.20 appointed 14.01.20 Secretary H Heeley Bankers HSBC Market Place Newark NG24 IEQ Newark INottlnghamshire & Lincolnshire) Air Museum Limlted Report and èccounts tor the year ended 31 December 2020 Contents Page It7dependent Examine¢s Report Funds Statements: Statement of Financial Activities Movement in funds Income and Expenditure Account Balance Sheet Notss to the Accounts Newark (Nottinghamshire & Lincolnshire) Air Museum Limited Indepèndent Examiner's Statement, Report and Opinion Subject to the limitations upon the scope ol my work as detailed above, in connection with my examination. I can confirm thai:. The accounts of this charitable company are not required to be audited under P3rt 16 01 the Companies Act 2006,. The Eross income of the charitable company in the year ended 31 December 2020 appears to exceed the sum specified in Section 145131 of the Act, llamely £250,000, and that l arn qualified to act as Independent Exarniner in accordance wlth that section by virtue ol my being a qualified member ol the Institute of Chartered A¢¢ountants in England and Wales IIcAEWI- This is a report in respect ol an examination carried out under Section 145 01 the Act and In accordance wlth General Directionsgiven by the Charity Commission under Section 14515llbl of the kt which may be appli¢able,' and that no matter has come io my attention in connection wlth my exarninBtion which gives rne reasonabl cause to believe that in any tnaterial respect the requirements:. to keep 3ccounting records in accord3nce with Section 386 of the Comp3nie5 Act 2006 and Section 130 of the Charitie5 Act 2011.. to prepare Pinancial statements whlth accord with the accounting records and comply with the accounting requirements of Section 396 of the Companies Act 2(N)6 and the Charities Act 2011 have been prepared in accordance with the requirements of Section 396 of the Companies Act 2006 and with the rnethod5 and principles Set out in FRS102 Statement of Recommended Practice- Accounting and Reporting by Charities (effective January 20191 have not been met or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached,. an RB5hid- Independent Examiner Chartered Accountant IICAEWI 27 Castlegare Newark Nottinghamshire NG24 IBA This report wa5 signed on 21 May 2021 Newark (Nottlnghamshire & Llncolt75hirel Air Museum Limited - Ststement of Financial Activities for the year ended 31 December 2020 Statemènt of Financial Activities lincluding the Income a￿d Expendsture Arcount for the year ended 31 December 2020, as required by the Companies Act 20061 SORP Curreni year Ref Vnrestricted Current year Restr*rted Cuirentyear Totsi Funds Prior year Total Funds Funds Funds 2021J 2020 2020 2019 Income & Endowrnents from: Donation, Legacies and Grants Charitable activities Other trading activities Investments Al A2 127,309 82,727 40,260 iio 127,309 82,727 40,260 iio 91,850 189,818 ID2,486 256 A4 Total income 250,406 250,406 384,410 Expenditure on.. Raising funds Charitable èctivities Bl B2 68,769 267.321 68,769 267,321 100.927 307.065 Trtal expenditure 336,090 336,090 407.992 Net expenditure for the year 185,6841 185,6841 123,5821 Net expenditure after transfèrs 185,6841 185,6841 123,5821 Net movement in fvnds 185,6841 185,6841 123,5821 Reconcillation of fLsnds:_ Total fvnd5 brou8ht forvrfard 793,718 793,718 817,300 Total funds carried fonNard 708,034 708,034 793,718 The'SORP Ref indicated above is the classification of income set out In the formal SORP document5. As required by paragraph 4.60 of the 50RP, the brought forward and carried forward funds above have been agreed to the Balance Sheet. A separate Statement of Total Recognised Gains and Losses is not required as this statement Includes all recognised gains and105ses. All the prior year transactions were unrestricted items, and no further analysi5 15 required. All activities de￿ve from continuing operations. Newark INottinghamshlre & Lincolnshire} Air Museum Limited - Statement of Financlal A¢tivitles for the year ended 31 December 2020 Newark INottingharnshire & Lincoln5hirel Air Museum Limited - Resource5 applied in the year ended 31 December 2020 towards fixed assets for Charity use:_ 2020 2019 Funds used in the year as detailed in the SOFA Resources applied on functional fixed assets Resources applied oll Heritage assets 185.6841 112,1181 123,5821 160,0801 Net resources used to fund charitable activities 197.8021 183,6621 Newark {Nottinghamshlre & Lincolnshirel Air Museum Llmited . Statement of Financlal Activities for the year ended 31 December 2020 Movements in revenue and capitalfunds forthe year ended 31 December 2020 Revenue accurnulated funds Uniestricted Funds 2020 Rèstricted Funds Total Prioryear Total Funds 2019 Funds 2020 2020 Accumulated fund5 brought forward 793,718 793.718 817,300 Recogni5ed gains and10$5es before transfers 185,6841 185,6841 123,5821 708,034 708,034 793,718 Closing revenue funds 708,034 708,034 793,718 Revaluation Reserve Fund Unrestrlcted Funds Restricted Funds Total Prioryear Total Funds 2019 Funds 2020 2020 2020 At 1st January 2020 At 31 December 2020 Surnmaryof Funds Unre5tFicted and De5iEnaled funds 2020 Restritted Funds Total Funds Prior year Total Funds 2019 2020 2020 Revenue accumulated funds 708,034 708,034 793,718 Newark INottinghamshire & Lincolnshire) Air Museum Limited- Statement of Financial Activities for the year Ènded 31 December 2020 Newark {NottinBhamshire & Llncoln5hirel Arr Museum Limited Income and Expenditure Account for the year ended 31 December 2020 as required by the Companies Act 2006 2020 2019 Income Income from operations 250.296 384,154 Investmènt income Interest receivable iio 256 Gross income in the year before exceptional Items 250,406 384,410 Gross Income Sn the year including exceptional items 250,406 384,410 Expenditure Charitable &xpenditure, excluding depreciation and amortisation Depreciation and 3mortisation Fundraising cost5 Governance cost 195.753 69,348 68,769 2,220 236.391 68,454 100,927 2,220 Total expendlture in the year 336,090 407,992 Net Ios5 before tax in the finantial year 185,6841 123,5821 Tax on (felicit on ordinary activities Net loss after tax in the financial year 185,6841 123,5821 Retained deficit for the financial year 185,6841 123,5821 All activitTe5 derive from continuing operations In accordance with the provlsions of the Companie5 Act 2006. the headings and subheadings used in the IncotRe and Expenditure account have been adapted to reflect the special nature of the charity's activities. Newark (Nottinghamshire & Lin¢oln5hirel Air Museum Limited Balance Sheet as at 31 December 2020 Sorp Note Ref 2020 2019 Fixed assets Tangible a55ets Heritage assets 9 A2 8 A3 540,087 30,319 594,258 33,378 Totsl fixed assets 570.406 627.636 Current assets Stocks Debtors Investments held as current èS5ets Cash at bank and in hand Bl 11 B2 12 B3 B4 15.497 22,464 17,011 34,935 115.737 128,899 Totsl current assets 153,698 180,845 Creditors=amounts falling due within one year 13 Cl 114,7861 113,4791 Net current assets 138,912 167,366 Total a55ets less turrent liabilities 709.318 795,002 Creditor5.' amounts falling due after more than one year 14 C2 11.2841 11,2841 The total net assets of the charity 708,034 793,718 The total net assets of the charity are funded by the funds of the charity. ès follows:_ Restricted Funds Unrestricted Revenue Funds D3 708,034 793,718 Deslgnated Funds Total Charity Funds 708,034 793,718 Th8'SORP Ref, as indicated above 15 the classification of Balance She￿t items as Set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA. The directors are sBt15fied that the company 15 entitled to exemption from the requirernent to obtain an audit under Section 477 of the Companies Act 2006. Newark {Nottinghamshire & Lincolnshire) Air Museum Limited Balance Sheet as 31 December 2020 The niembers have not required the company to obtain an audit in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the reqU1￿MentS of the Companies Act 2006 with respect to accounting records and the preparation of account5. The charity is subject to Independent Examination under charity legislation, and the reptsrt of the Indeperldent Examiner is Dn page I The financial staternents have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companie5 regime. H Heelev Trustee Approved by the Board of Trustees on 21 May 2021 Ne4wark (Nottinghamshire & knncolnshirel Air Mu5¢um Litnited Notestothe Accountsfer the year ended 31 December 2020 l Accounting policie5 PollclesrÈl¢ting to theprodurtion of the occounts 8asis of preparatiDn and accountlng convention Tho accounts have been Prepared on the accrua15 basis, underthe historical cost tonvention, and in iccordènce with the Financial Reportlng Standard 102, (effective Istjanuary 20161 and FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by c￿rItieS} 2015 las amended by Bulletln l issued February 2016 and Bulletin 2 issued October 20181 publi5hpd by the Chaiity Commisslofj in England & Wales ICCEWI, effettivejanuary 2019. IThe SORPI. and in arcordance with all appliiable law Inthe charity'slurisdiction of registration, eKcept that the tharity has prepared the financial statsment5 in accordance with FRS ID2 SORP ISlatÈment of Recornmended practlce for Accounting and Reporting by (haritiesl 2015 la5 amended by BullÈtin l i55ued In February 2016 and Bulletin 2 issued October 2Q18 effectivejanuary 20191 Going Concern The trusteesare of the view that the chaFity is 3 goin8 concern. Policiesreloting to c(rte9orlesof income ondlncome recognltlt)n Membership sub5criptlon5 The Incomeand iny a550cSated Glft Aid orothertax refund frorn a membershlp substripbon received by the charity in the nature of a 8ifL 15 accounted for on thesame basls as a donation. The income trorn a membership subscription received bythe charlty where the 5ub5cription purchasesthe right to 5eryices orbenefits is retogni5ed as income frorn charitableactivities. Pollclesreloting to expenditurE on goodstsnd5eFvicesprovlded to the rht7rity Recog￿ltIOn of liabilitie5 and expendlture A liability, and the related exp2nditure. is recognised when a legal or constructive obliEation exlsts as a result of a past event, and when it is more likely than nat that o tr8nsferof economic beneftts will be required Set￿e￿￿ent. and when the amount of the obligation can be measured or reliably estimated. abilities afisinE from future fvnding commitment5 and con5truttive oblig3tions. including perfonnancE related grants, where Ihe timing of the afflountaf the futureexpenditure required to settle the obligation are tsncertain, give r15e to a provlslon Sn the account5. which is review& atthe accounting year end. The wovision is increased to ieflect any increase in liabilitiw, and is decre85ed by the utilisation of any provision within thp period. and reversed if any provislon Is no longer required. These movements are charged orcredited to the respective funds and activities to which the prth4slon relate5. Volunteers In accordance wlth the SORP, and in recoenltlon of the d4fficulties in placin8 a monetary value on thecontrlbution frotn Yolunte&r5, the contribution of volunteers 15 Trotincluded withinthe income of the charfty. HowÈ¥er, the trustees value the significant wntribubon made to the aCti￿tleS of the charity by unpaid volunteer5 and this is described more fully in Note S. Newark INotttngham5hire & Llncolnshirel Air Museum Limlted Notes to the Accounts forthe year ended 31 December 20ZO Polrcies relGtlng to ossets, liobilrties ondprovtsions und othermotters Tangible fixed assÈts Tangible fixed assets 3re measured at their original cost value. or subsequent revaluation, or If donated. as described above. Cost value inclLJdÈs all costs expended in bringing the 35set into Its intended working condition. DepretiBtion has been provided at the ftillowing rates in orderto write off the asset5 to Ihelr anticipatet1 residual value over estimated useful lives. nd and Buildings Planr 3nd Machinery 5% Straight Llne 15% Straight ￿ne HeritaEe asset5 Thecharity has heritage assets, that is non-monetary assets with historic, artistic, scientific, technol0￿c31, geophysical or environmental qualities th&t are held and maintained principally fortheir contribution to knowledge and culture. They are depreciated on a straight line basis at 5%. They 8re valued at cost. stocks and work in progress Stocks held for sale as part of non4haritable trade #re valued at the lower ol cost and net reali5able value. DÈbtors Debtors lincludin8 trade debtors and loan5 receivable) are measured on initial recognition ar settlement amount afrer y trade discounts or amount 3dvanced by the charity. Subsequently, they are measured at the cash 01 other consideration expÉtted to be received. Current asset investment$ These include cash on deposit held for investment purposes rather rhan to meet 5hort-term cash commitments as they fall due. Creditors and provisions Thecharty has creditors which are measured at settlement amounts less any trade discounts Cash and bank balances Cash held by the IhaFity is includeo at the amount actually held ané counte£l at the year end. B3nk balances, whetherin credit or overdrawn, are shown at the amounts propeily reconciled to the bank statements. 2 Llaknlityto taxation 1heTru5te￿ conslder that the charity 5at151ies the tests setout in Paragraph I Schedule 6 tsf the Finance Act 2010 lor UK corporation tax purposes. Accordinely, the Charity is petentially exempt from taxation in respett trf income or capital gains received within the categories covered by chapter 3 part 11 of the Corporation TaKAct 2010 orsection 256 of the Taxation of Chargeable Gains Act 1992, to rhe extent that such incorne or gains are applied exclusively on the specifii charitable objects of the charity and lor no othei purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevanicosts in the Staternefjt ol Financi?1 Activities. 3 Windlng up or d15501ution o*the charlty 11 upon winding up or dissolution ol thecharity there remain 8ny assets, after the satisfaction of all debts and liabilities. the assèts represented by the accumulaied fund shall bo transferred to Some other charitable body or bodies having 5imi13r objects tothe charity. io Newark {Nottinghamshire & Lincolnshirel Alr Museum Limited Notes to the Accounts 1orthe ypttrended 31 December 2020 4 Net deficlt belDretax the flnanclal yeor 2020 2019 The net der Icit before tax In thefinancTal year is stated afterch4rglng:. Depreclation of owned fixed a55ets preciation and amortisation of heritage assets 66,289 3.059 65,395 3.059 5 The contribution of volunteers The value of anyvoluntary hélp re￿iVed is not included withln the ?ccovnts but it is decrlbed in the Tru5tees' Annual Report. 6 Staff costs and emolum¢nts 2020 2019 Average numbers of employee5 includlngdirectors employed during the year.. Museum Cafe Trustees staff costs 2020 2019 Salaries and wages.. Museum Cafe social securityaDd ￿nsIOn tost5 98,872 50.696 4,439 154,007 108,046 59.988 7,861 175,895 No employees had erwlvments in Exce550f £60,00012019.'nill. 7 Remuneration and payrfients toTrustees and persons connecied withthem No trustees or persons connected with them rÈceived 4ny rernunerztion from the charity. or 8nyrelated entily. The trustees were ie-imbursed t￿Ve1 expenses during the year £O12019..E2861. 8 Herkage a55ets InclLrdEd in the accounts Totsl of valuatN)n and cost Totsi of valuation and cost 2020 At C05t At valuation 2020 2D20 2020 Cost At l January 2020 Additions 61,178 61,178 61.178 At 31 DecÈFnber2020 61,178 61,178 61,178 Depre¢iation At l January 2020 Charge forthe year 27.800 3,059 27,800 3,059 27,800 3,059 At 31 December 202 30,859 30,859 30,859 Net book value at 31 December 2020 30,319 30.319 30,319 li Newark INottinghamshire & Lincolnshire) Air Museum Lirnited Notes to the Accounts for the year ended 31 December 2020 Land and Buildings Plaftt and Machinery 9 Tangible fixed assets Total Cost At I January 2020 Addition5 Disposals At 31 December 2020 1,231.214 12,118 41,733 1,272,947 12.118 1,243,332 41.733 1,285,065 Dèpreciation At l January 2020 Charge for the year Disposa15 At 31 December 2020 667,911 60,052 10,778 6,237 678,689 66,289 727,963 17,015 744,978 Nèt book value At 31 December 2020 515,369 24,718 540,087 At 31 December 2019 563,303 30.95S 594.258 10 Stocks & work in progress 2020 2019 Stocks before write downs 15,497 17,011 15,497 17,011 11 Debtors 2020 2019 Trade debtors Prepayments and accrued income Other debtor5 7,915 14,549 5,965 28,970 22,464 34,935 12 Investments held as current a$5ets at mark¢t value at 31 December 2019 2020 2019 Cash on deposit- more than 3 months notice 12 Newark (Nottinghamshlre & Llrtcolnshirel Air Museum Limited Notè5 tothe Accounts for the year ended 31 December 2020 13 Creditor&amounts falling due within one year 2020 2019 Trade creditors Accru315 1.373 13,413 3,476 10.003 14.786 13,479 14 Creditors: amounts falling due after rnore than one year 2019 2019 other credltors-non interest bearing redeemable bond 1,284 1,284 IS Loans to trustees included debtors There are no loans to trustees. 16 Guarantees made by the charlty on behalf of trustees There are no guarantees made by the charity on behalf of the trustÈe5. 17 Income and Expenditure account summary 2020 2019 At l January 2020 5urplus/lOeficitl after tax for the year 793.718 185,6841 817,300 123.S821 At 31 December 2020 708,034 793,718 18 Related party transactions During the year the company used the services ol Down to Earth Promotions. a business operated by Mr Ftoward Neeley, a trustee. Expendirure in the year amounted to £680112019.. E8,8671. From 1st january 1988 the shop at the museum has been operated by the Newark Air Museum Trading Company LirnitÈd, to comply with charity law. All profits of the trading company are covenanted to the museum. The sh3re5 in the tiading company are held by Mr H Heeley and Mr R Bryan. 19 Ultimate controlling party Every member of the chsrity is obliged to contribute such amount as may be Tequired not exceeding £1 to the a55@ts ol the company in the event of it being wound up while he or she is a rnernber, orwithin one year after he orshe ceases to be a member. 13 Newark (Nottinghamshire & Llncolnshirel Air Museum limited Detalled analysis ol income and expenditure forthe year Ènded31 December 2020 as requlrÈd by the SORP 2019 Th￿ analysis isclossifiedby conventionolnominoldescriptions undnotbyuctivlty 20 Donatlons and Legacres Currentyear Currentyear Currentyear Unrestrirted Reslrirted Totsl Funds Funds Funds 2020 2020 Prlor Year Total Funds 2020 2019 Donations and gifts from lndlvidua15 Small donation5 individually less than £l.QOO Legacies Totsl donations and gtFts from Individua15 10,991 10,991 10,441 43,961 54,402 10,991 10,991 Grants received 89,105 89.105 Membership subscriptions a5 donation5 8.664 8.664 7,594 ft aÉd and covenanted profrt5 18,549 18,549 29,854 lotal Donations and Legacies Al 127,309 127,3Q9 91,850 21 Incorne from charitsble a¢tivities- TradingArtivities Current year Current year Currentyear Vnrestrlcted Restritted Total Fund5 Fynds Funds 202 2020 Prior Year Total Fund5 2020 2019 Primary ptjrpose and ancillary tradinE Admission fees-Exhibitions and galleri 80.920 80,920 176,873 Aircraft entry fees 1.807 1,807 12,945 Totri Primary purpose and ancillary tradtnB 82.727 82.727 189,818 22 Total lrtcome from charitsble activitles Currenl year cUr￿￿tyear Currentyear Unrestrirted RÈ5tr*cted Total Funds Funds Funds 2020 Prior Year Total Fund5 2020 2020 2019 Total income from charitable tradin8 210.036 210.036 281,668 Total from charitable artivitie5 210,036 210.036 281.668 14 Newark INottinghamshire & Lincolnshire) Air Museum Llmited elailed analysis ol Income and expendituie lor the year ended 310ecember 2020 as ieouired by the SORP 2019 23 Incomefrom other, Tron charltsble. trading activlties Current year Currentyear Curfentyear U#restricted Restricted Total Funds Funds Funds 2020 2020 PAor Year Totsl Funds 2020 2019 Calé incorne 35,567 96,123 96,123 Guide Books and RAF Winthorpe Books 1.172 1,669 1,669 Cross charge5 Newark Air Museum Tradin8 Co 3,521 4.694 4,694 Totsl frorn other activities 40,260 102,486 102,486 24 Investment income Currentyear Currentyear Current year unrest￿tted Restrided Total Funds Funds Funds 2020 2020 Prtor Year Total Funds 2020 2019 Bank interest receivable iio iio 256 Total Investment incorne A4 iio iio 256 25 Expenditure on tharit3ble artivities. Direct spending Currentyear Curreni year Current year Unrestrirted Restricted Total Fund5 Funds Funt*s 2020 2020 Prior Year Total F￿ndS 2020 2019 Prefflises costs Educatlonal vi51teharges and exhlbits Admini5tr3tive Incidental including cost of dispersals Wages including employe￿ Ni 67.867 2.227 20.216 3,010 102.433 67,867 2,227 20,216 3,010 102,433 84,202 1,788 25,082 10,855 114,464 rotal dirett 5pendlng B23 195.753 195,753 236,391 15 Newark INottlnghamshlre & Llncolnshlrel Air Museum Limited Detailed analy515 of Incorne and expendltvre forthe year ended 31 December 2020 as requlred by the SORP 2019 26 Support Costs for chaistable actlvities Curlent year Currentyear Current year Unrestricted Restricted Total Funds Funds Funds 2020 Z020 Prioryear Total Funds 2020 2019 Depreciation & Atnortisation 69,348 69,348 68,454 Support costs before reallocation 69,348 69,348 68,454 Total support costs 69,348 69,348 68,454 The basis of allocation of costs between activities is desiribed under accountln8 policie5 27 oiher expendlture- Governance cost Current yeaf Current yeay Currentyear Unie5tri£ted Restricted Total Funds Funds Funds 2020 2020 Prior Year Total Funds 2020 2019 Independent Examiner's fees 2,220 2,220 2,142 Total Governance costs 2.220 2,220 2.142 28 Total Charitable expÈnditur CuTrent year Currentyear Currentyear Unrestrirted Restricted Totsl f￿ndS Fund5 Funds Prlor Year Total Funds 2020 2020 2020 2019 Toial direct spending Total 5UPPtsrt costs Ttsttl Governance costs B2a 195,753 69,348 2.220 195,753 69,348 2,220 236,391 68,454 2,220 B2d Bze Total charftatjle expendltufe B2 267,321 267.321 307,065 29 Expenditure on raising funds and costs tyf investment management Current yea¥ CuNentyÈar Curreni year Unfestritted Restiicted Total Funds Funds Funds 2020 2020 Prlor Year Totsi Funds 2020 Z019 Fundr315ing publicity & marketlng Café t05ts including wages Guide books and RAF history book5 379 66.769 1,621 379 66,769 1.621 6,163 93.492 1.272 Total fundraising costs Bl 68,769 68,769 100,927 Is Ntm'ark Notttn hajnshire and LineDlnshire Air Museum Limtted Inctme & x enditure Account For the Year ended 31.12.2020 2020 ItEconie Dotwlions and legacit8 Air¢rafi enty fees Caf¢ incoll Enirdnce fees Guide books & LIF Winthorpe books 2019 10991 1807 35567 80920 1172 8664 14549 54402 12945 96 123 176873 1669 7594 28970 256 Subs¢ripli¢rts Giftaid receivable Bank and other interest Graiils received Job retenlion s¢heine inco]ne Trading Compally.. Rent & rates Book-keeping Electricity Covenanted proftts 28929 60176 333 1500 1688 4000 250406 444 2000 2250 884 384410 xpenditure Cosl of exhibitslarchives Guide bookslw'ihotpe RAFIPione¢r Publiciry.funriion and dispersals Aircraft repaits and niainlenance Building5 and site mainiei?an¢e lieni. rates and watr Postage & Slaliortery It]surance Heat and light Cafe eOSls Gift aid vouchers Telephone & intErnel Travel Incidentals Subscriptions Blkeeping fees Paye fee A¢counlan¢y Banvjusi giving charg&¢ard n￿Chine Financial £¢e5 Wages.. MuseuTn including ers ni Cafe including ers lli Pcnsion cosis Less employers Nl allowance Depreciation BJnk Fraud 1468 1272 9351 14677 27955 16838 5303 10298 14434 32061 5941 2043 787 ?289 527 4657 1362 2220 2105 2357 1621 3537 524? 26594 16520 4328 9766 9739 15195 2500 2120 291 62 338 4077 2490 2220 257 3809 E05112 51693 1202 140001 69348 15758 01485 1652 130001 68454 5698 336090 40799? 1856841 1235821 Company Registration Number.. 00930888 The Charity Registration Number is- 256434 Newark INottingham5hire & Lincolnshire) Air Museum Limited Report and Accounts 31 December 2020 Newark (Nottinghamshire & Lincolnshire) Air Museum Limited Company Registration Number- 00930888 Reference and Administrative Details as at 31 December 2020 The Trustees are presenting a separate Trustee5 Report Reference and admlnistr*lve details The chority nume The legal name of the charity is- Newark (Nottinghamshire & Lincolnshire) Air Museum Limited The charity is also known by it5 operating name, Newark (Nottinghamshire & Lincolnshirel Air Museum Limited The charity s oreos operotlon ond UK chttrituble registrntlon The charity is registered in England & Wales with the Charity ComFnis5ion in England & Wales ICCEW) with charity number 256434 Legal strurture of the cht7rity The governing document of the charity is the Memorandum and Articles of Association establishing the company ijnder company legislation. By operation of law èll, trustees are directors utTrder the Companie5 Act 2006 and all director5 are trustees under Charities legislation and have responsibilities, as such. under both company and charity legislation. The trustees are all individual5. H Heeley DI Hibbert C Savill C Rice D Grifftths M l Allen A G Clark K Graham appointed 24.11.20 appointed 11.02.20 appointed 14.01.20 Secretary H Heeley Bankers HSBC Market Place Newark NG24 IEQ Newark INottlnghamshire & Lincolnshire) Air Museum Limlted Report and èccounts tor the year ended 31 December 2020 Contents Page It7dependent Examine¢s Report Funds Statements: Statement of Financial Activities Movement in funds Income and Expenditure Account Balance Sheet Notss to the Accounts Newark (Nottinghamshire & Lincolnshire) Air Museum Limited Indepèndent Examiner's Statement, Report and Opinion Subject to the limitations upon the scope ol my work as detailed above, in connection with my examination. I can confirm thai:. The accounts of this charitable company are not required to be audited under P3rt 16 01 the Companies Act 2006,. The Eross income of the charitable company in the year ended 31 December 2020 appears to exceed the sum specified in Section 145131 of the Act, llamely £250,000, and that l arn qualified to act as Independent Exarniner in accordance wlth that section by virtue ol my being a qualified member ol the Institute of Chartered A¢¢ountants in England and Wales IIcAEWI- This is a report in respect ol an examination carried out under Section 145 01 the Act and In accordance wlth General Directionsgiven by the Charity Commission under Section 14515llbl of the kt which may be appli¢able,' and that no matter has come io my attention in connection wlth my exarninBtion which gives rne reasonabl cause to believe that in any tnaterial respect the requirements:. to keep 3ccounting records in accord3nce with Section 386 of the Comp3nie5 Act 2006 and Section 130 of the Charitie5 Act 2011.. to prepare Pinancial statements whlth accord with the accounting records and comply with the accounting requirements of Section 396 of the Companies Act 2(N)6 and the Charities Act 2011 have been prepared in accordance with the requirements of Section 396 of the Companies Act 2006 and with the rnethod5 and principles Set out in FRS102 Statement of Recommended Practice- Accounting and Reporting by Charities (effective January 20191 have not been met or to which, in my opinion, attention should be drawn in my report in order to enable a proper understanding of the accounts to be reached,. an RB5hid- Independent Examiner Chartered Accountant IICAEWI 27 Castlegare Newark Nottinghamshire NG24 IBA This report wa5 signed on 21 May 2021 Newark (Nottlnghamshire & Llncolt75hirel Air Museum Limited - Ststement of Financial Activities for the year ended 31 December 2020 Statemènt of Financial Activities lincluding the Income a￿d Expendsture Arcount for the year ended 31 December 2020, as required by the Companies Act 20061 SORP Curreni year Ref Vnrestricted Current year Restr*rted Cuirentyear Totsi Funds Prior year Total Funds Funds Funds 2021J 2020 2020 2019 Income & Endowrnents from: Donation, Legacies and Grants Charitable activities Other trading activities Investments Al A2 127,309 82,727 40,260 iio 127,309 82,727 40,260 iio 91,850 189,818 ID2,486 256 A4 Total income 250,406 250,406 384,410 Expenditure on.. Raising funds Charitable èctivities Bl B2 68,769 267.321 68,769 267,321 100.927 307.065 Trtal expenditure 336,090 336,090 407.992 Net expenditure for the year 185,6841 185,6841 123,5821 Net expenditure after transfèrs 185,6841 185,6841 123,5821 Net movement in fvnds 185,6841 185,6841 123,5821 Reconcillation of fLsnds:_ Total fvnd5 brou8ht forvrfard 793,718 793,718 817,300 Total funds carried fonNard 708,034 708,034 793,718 The'SORP Ref indicated above is the classification of income set out In the formal SORP document5. As required by paragraph 4.60 of the 50RP, the brought forward and carried forward funds above have been agreed to the Balance Sheet. A separate Statement of Total Recognised Gains and Losses is not required as this statement Includes all recognised gains and105ses. All the prior year transactions were unrestricted items, and no further analysi5 15 required. All activities de￿ve from continuing operations. Newark INottinghamshlre & Lincolnshire} Air Museum Limited - Statement of Financlal A¢tivitles for the year ended 31 December 2020 Newark INottingharnshire & Lincoln5hirel Air Museum Limited - Resource5 applied in the year ended 31 December 2020 towards fixed assets for Charity use:_ 2020 2019 Funds used in the year as detailed in the SOFA Resources applied on functional fixed assets Resources applied oll Heritage assets 185.6841 112,1181 123,5821 160,0801 Net resources used to fund charitable activities 197.8021 183,6621 Newark {Nottinghamshlre & Lincolnshirel Air Museum Llmited . Statement of Financlal Activities for the year ended 31 December 2020 Movements in revenue and capitalfunds forthe year ended 31 December 2020 Revenue accurnulated funds Uniestricted Funds 2020 Rèstricted Funds Total Prioryear Total Funds 2019 Funds 2020 2020 Accumulated fund5 brought forward 793,718 793.718 817,300 Recogni5ed gains and10$5es before transfers 185,6841 185,6841 123,5821 708,034 708,034 793,718 Closing revenue funds 708,034 708,034 793,718 Revaluation Reserve Fund Unrestrlcted Funds Restricted Funds Total Prioryear Total Funds 2019 Funds 2020 2020 2020 At 1st January 2020 At 31 December 2020 Surnmaryof Funds Unre5tFicted and De5iEnaled funds 2020 Restritted Funds Total Funds Prior year Total Funds 2019 2020 2020 Revenue accumulated funds 708,034 708,034 793,718 Newark INottinghamshire & Lincolnshire) Air Museum Limited- Statement of Financial Activities for the year Ènded 31 December 2020 Newark {NottinBhamshire & Llncoln5hirel Arr Museum Limited Income and Expenditure Account for the year ended 31 December 2020 as required by the Companies Act 2006 2020 2019 Income Income from operations 250.296 384,154 Investmènt income Interest receivable iio 256 Gross income in the year before exceptional Items 250,406 384,410 Gross Income Sn the year including exceptional items 250,406 384,410 Expenditure Charitable &xpenditure, excluding depreciation and amortisation Depreciation and 3mortisation Fundraising cost5 Governance cost 195.753 69,348 68,769 2,220 236.391 68,454 100,927 2,220 Total expendlture in the year 336,090 407,992 Net Ios5 before tax in the finantial year 185,6841 123,5821 Tax on (felicit on ordinary activities Net loss after tax in the financial year 185,6841 123,5821 Retained deficit for the financial year 185,6841 123,5821 All activitTe5 derive from continuing operations In accordance with the provlsions of the Companie5 Act 2006. the headings and subheadings used in the IncotRe and Expenditure account have been adapted to reflect the special nature of the charity's activities. Newark (Nottinghamshire & Lin¢oln5hirel Air Museum Limited Balance Sheet as at 31 December 2020 Sorp Note Ref 2020 2019 Fixed assets Tangible a55ets Heritage assets 9 A2 8 A3 540,087 30,319 594,258 33,378 Totsl fixed assets 570.406 627.636 Current assets Stocks Debtors Investments held as current èS5ets Cash at bank and in hand Bl 11 B2 12 B3 B4 15.497 22,464 17,011 34,935 115.737 128,899 Totsl current assets 153,698 180,845 Creditors=amounts falling due within one year 13 Cl 114,7861 113,4791 Net current assets 138,912 167,366 Total a55ets less turrent liabilities 709.318 795,002 Creditor5.' amounts falling due after more than one year 14 C2 11.2841 11,2841 The total net assets of the charity 708,034 793,718 The total net assets of the charity are funded by the funds of the charity. ès follows:_ Restricted Funds Unrestricted Revenue Funds D3 708,034 793,718 Deslgnated Funds Total Charity Funds 708,034 793,718 Th8'SORP Ref, as indicated above 15 the classification of Balance She￿t items as Set out in the formal SORP documents. As required by paragraph 4.60 of the SORP, the brought forward and carried forward funds above have been agreed to the SOFA. The directors are sBt15fied that the company 15 entitled to exemption from the requirernent to obtain an audit under Section 477 of the Companies Act 2006. Newark {Nottinghamshire & Lincolnshire) Air Museum Limited Balance Sheet as 31 December 2020 The niembers have not required the company to obtain an audit in accordance with section 476 of the Act. The directors acknowledge their responsibilities for complying with the reqU1￿MentS of the Companies Act 2006 with respect to accounting records and the preparation of account5. The charity is subject to Independent Examination under charity legislation, and the reptsrt of the Indeperldent Examiner is Dn page I The financial staternents have been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companie5 regime. H Heelev Trustee Approved by the Board of Trustees on 21 May 2021 Ne4wark (Nottinghamshire & knncolnshirel Air Mu5¢um Litnited Notestothe Accountsfer the year ended 31 December 2020 l Accounting policie5 PollclesrÈl¢ting to theprodurtion of the occounts 8asis of preparatiDn and accountlng convention Tho accounts have been Prepared on the accrua15 basis, underthe historical cost tonvention, and in iccordènce with the Financial Reportlng Standard 102, (effective Istjanuary 20161 and FRS 102 SORP (Statement of Recommended Practice for Accounting and Reporting by c￿rItieS} 2015 las amended by Bulletln l issued February 2016 and Bulletin 2 issued October 20181 publi5hpd by the Chaiity Commisslofj in England & Wales ICCEWI, effettivejanuary 2019. IThe SORPI. and in arcordance with all appliiable law Inthe charity'slurisdiction of registration, eKcept that the tharity has prepared the financial statsment5 in accordance with FRS ID2 SORP ISlatÈment of Recornmended practlce for Accounting and Reporting by (haritiesl 2015 la5 amended by BullÈtin l i55ued In February 2016 and Bulletin 2 issued October 2Q18 effectivejanuary 20191 Going Concern The trusteesare of the view that the chaFity is 3 goin8 concern. Policiesreloting to c(rte9orlesof income ondlncome recognltlt)n Membership sub5criptlon5 The Incomeand iny a550cSated Glft Aid orothertax refund frorn a membershlp substripbon received by the charity in the nature of a 8ifL 15 accounted for on thesame basls as a donation. The income trorn a membership subscription received bythe charlty where the 5ub5cription purchasesthe right to 5eryices orbenefits is retogni5ed as income frorn charitableactivities. Pollclesreloting to expenditurE on goodstsnd5eFvicesprovlded to the rht7rity Recog￿ltIOn of liabilitie5 and expendlture A liability, and the related exp2nditure. is recognised when a legal or constructive obliEation exlsts as a result of a past event, and when it is more likely than nat that o tr8nsferof economic beneftts will be required Set￿e￿￿ent. and when the amount of the obligation can be measured or reliably estimated. abilities afisinE from future fvnding commitment5 and con5truttive oblig3tions. including perfonnancE related grants, where Ihe timing of the afflountaf the futureexpenditure required to settle the obligation are tsncertain, give r15e to a provlslon Sn the account5. which is review& atthe accounting year end. The wovision is increased to ieflect any increase in liabilitiw, and is decre85ed by the utilisation of any provision within thp period. and reversed if any provislon Is no longer required. These movements are charged orcredited to the respective funds and activities to which the prth4slon relate5. Volunteers In accordance wlth the SORP, and in recoenltlon of the d4fficulties in placin8 a monetary value on thecontrlbution frotn Yolunte&r5, the contribution of volunteers 15 Trotincluded withinthe income of the charfty. HowÈ¥er, the trustees value the significant wntribubon made to the aCti￿tleS of the charity by unpaid volunteer5 and this is described more fully in Note S. Newark INotttngham5hire & Llncolnshirel Air Museum Limlted Notes to the Accounts forthe year ended 31 December 20ZO Polrcies relGtlng to ossets, liobilrties ondprovtsions und othermotters Tangible fixed assÈts Tangible fixed assets 3re measured at their original cost value. or subsequent revaluation, or If donated. as described above. Cost value inclLJdÈs all costs expended in bringing the 35set into Its intended working condition. DepretiBtion has been provided at the ftillowing rates in orderto write off the asset5 to Ihelr anticipatet1 residual value over estimated useful lives. nd and Buildings Planr 3nd Machinery 5% Straight Llne 15% Straight ￿ne HeritaEe asset5 Thecharity has heritage assets, that is non-monetary assets with historic, artistic, scientific, technol0￿c31, geophysical or environmental qualities th&t are held and maintained principally fortheir contribution to knowledge and culture. They are depreciated on a straight line basis at 5%. They 8re valued at cost. stocks and work in progress Stocks held for sale as part of non4haritable trade #re valued at the lower ol cost and net reali5able value. DÈbtors Debtors lincludin8 trade debtors and loan5 receivable) are measured on initial recognition ar settlement amount afrer y trade discounts or amount 3dvanced by the charity. Subsequently, they are measured at the cash 01 other consideration expÉtted to be received. Current asset investment$ These include cash on deposit held for investment purposes rather rhan to meet 5hort-term cash commitments as they fall due. Creditors and provisions Thecharty has creditors which are measured at settlement amounts less any trade discounts Cash and bank balances Cash held by the IhaFity is includeo at the amount actually held ané counte£l at the year end. B3nk balances, whetherin credit or overdrawn, are shown at the amounts propeily reconciled to the bank statements. 2 Llaknlityto taxation 1heTru5te￿ conslder that the charity 5at151ies the tests setout in Paragraph I Schedule 6 tsf the Finance Act 2010 lor UK corporation tax purposes. Accordinely, the Charity is petentially exempt from taxation in respett trf income or capital gains received within the categories covered by chapter 3 part 11 of the Corporation TaKAct 2010 orsection 256 of the Taxation of Chargeable Gains Act 1992, to rhe extent that such incorne or gains are applied exclusively on the specifii charitable objects of the charity and lor no othei purpose. Value Added Tax is not recoverable by the charity, and is therefore included in the relevanicosts in the Staternefjt ol Financi?1 Activities. 3 Windlng up or d15501ution o*the charlty 11 upon winding up or dissolution ol thecharity there remain 8ny assets, after the satisfaction of all debts and liabilities. the assèts represented by the accumulaied fund shall bo transferred to Some other charitable body or bodies having 5imi13r objects tothe charity. io Newark {Nottinghamshire & Lincolnshirel Alr Museum Limited Notes to the Accounts 1orthe ypttrended 31 December 2020 4 Net deficlt belDretax the flnanclal yeor 2020 2019 The net der Icit before tax In thefinancTal year is stated afterch4rglng:. Depreclation of owned fixed a55ets preciation and amortisation of heritage assets 66,289 3.059 65,395 3.059 5 The contribution of volunteers The value of anyvoluntary hélp re￿iVed is not included withln the ?ccovnts but it is decrlbed in the Tru5tees' Annual Report. 6 Staff costs and emolum¢nts 2020 2019 Average numbers of employee5 includlngdirectors employed during the year.. Museum Cafe Trustees staff costs 2020 2019 Salaries and wages.. Museum Cafe social securityaDd ￿nsIOn tost5 98,872 50.696 4,439 154,007 108,046 59.988 7,861 175,895 No employees had erwlvments in Exce550f £60,00012019.'nill. 7 Remuneration and payrfients toTrustees and persons connecied withthem No trustees or persons connected with them rÈceived 4ny rernunerztion from the charity. or 8nyrelated entily. The trustees were ie-imbursed t￿Ve1 expenses during the year £O12019..E2861. 8 Herkage a55ets InclLrdEd in the accounts Totsl of valuatN)n and cost Totsi of valuation and cost 2020 At C05t At valuation 2020 2D20 2020 Cost At l January 2020 Additions 61,178 61,178 61.178 At 31 DecÈFnber2020 61,178 61,178 61,178 Depre¢iation At l January 2020 Charge forthe year 27.800 3,059 27,800 3,059 27,800 3,059 At 31 December 202 30,859 30,859 30,859 Net book value at 31 December 2020 30,319 30.319 30,319 li Newark INottinghamshire & Lincolnshire) Air Museum Lirnited Notes to the Accounts for the year ended 31 December 2020 Land and Buildings Plaftt and Machinery 9 Tangible fixed assets Total Cost At I January 2020 Addition5 Disposals At 31 December 2020 1,231.214 12,118 41,733 1,272,947 12.118 1,243,332 41.733 1,285,065 Dèpreciation At l January 2020 Charge for the year Disposa15 At 31 December 2020 667,911 60,052 10,778 6,237 678,689 66,289 727,963 17,015 744,978 Nèt book value At 31 December 2020 515,369 24,718 540,087 At 31 December 2019 563,303 30.95S 594.258 10 Stocks & work in progress 2020 2019 Stocks before write downs 15,497 17,011 15,497 17,011 11 Debtors 2020 2019 Trade debtors Prepayments and accrued income Other debtor5 7,915 14,549 5,965 28,970 22,464 34,935 12 Investments held as current a$5ets at mark¢t value at 31 December 2019 2020 2019 Cash on deposit- more than 3 months notice 12 Newark (Nottinghamshlre & Llrtcolnshirel Air Museum Limited Notè5 tothe Accounts for the year ended 31 December 2020 13 Creditor&amounts falling due within one year 2020 2019 Trade creditors Accru315 1.373 13,413 3,476 10.003 14.786 13,479 14 Creditors: amounts falling due after rnore than one year 2019 2019 other credltors-non interest bearing redeemable bond 1,284 1,284 IS Loans to trustees included debtors There are no loans to trustees. 16 Guarantees made by the charlty on behalf of trustees There are no guarantees made by the charity on behalf of the trustÈe5. 17 Income and Expenditure account summary 2020 2019 At l January 2020 5urplus/lOeficitl after tax for the year 793.718 185,6841 817,300 123.S821 At 31 December 2020 708,034 793,718 18 Related party transactions During the year the company used the services ol Down to Earth Promotions. a business operated by Mr Ftoward Neeley, a trustee. Expendirure in the year amounted to £680112019.. E8,8671. From 1st january 1988 the shop at the museum has been operated by the Newark Air Museum Trading Company LirnitÈd, to comply with charity law. All profits of the trading company are covenanted to the museum. The sh3re5 in the tiading company are held by Mr H Heeley and Mr R Bryan. 19 Ultimate controlling party Every member of the chsrity is obliged to contribute such amount as may be Tequired not exceeding £1 to the a55@ts ol the company in the event of it being wound up while he or she is a rnernber, orwithin one year after he orshe ceases to be a member. 13 Newark (Nottinghamshire & Llncolnshirel Air Museum limited Detalled analysis ol income and expenditure forthe year Ènded31 December 2020 as requlrÈd by the SORP 2019 Th￿ analysis isclossifiedby conventionolnominoldescriptions undnotbyuctivlty 20 Donatlons and Legacres Currentyear Currentyear Currentyear Unrestrirted Reslrirted Totsl Funds Funds Funds 2020 2020 Prlor Year Total Funds 2020 2019 Donations and gifts from lndlvidua15 Small donation5 individually less than £l.QOO Legacies Totsl donations and gtFts from Individua15 10,991 10,991 10,441 43,961 54,402 10,991 10,991 Grants received 89,105 89.105 Membership subscriptions a5 donation5 8.664 8.664 7,594 ft aÉd and covenanted profrt5 18,549 18,549 29,854 lotal Donations and Legacies Al 127,309 127,3Q9 91,850 21 Incorne from charitsble a¢tivities- TradingArtivities Current year Current year Currentyear Vnrestrlcted Restritted Total Fund5 Fynds Funds 202 2020 Prior Year Total Fund5 2020 2019 Primary ptjrpose and ancillary tradinE Admission fees-Exhibitions and galleri 80.920 80,920 176,873 Aircraft entry fees 1.807 1,807 12,945 Totri Primary purpose and ancillary tradtnB 82.727 82.727 189,818 22 Total lrtcome from charitsble activitles Currenl year cUr￿￿tyear Currentyear Unrestrirted RÈ5tr*cted Total Funds Funds Funds 2020 Prior Year Total Fund5 2020 2020 2019 Total income from charitable tradin8 210.036 210.036 281,668 Total from charitable artivitie5 210,036 210.036 281.668 14 Newark INottinghamshire & Lincolnshire) Air Museum Llmited elailed analysis ol Income and expendituie lor the year ended 310ecember 2020 as ieouired by the SORP 2019 23 Incomefrom other, Tron charltsble. trading activlties Current year Currentyear Curfentyear U#restricted Restricted Total Funds Funds Funds 2020 2020 PAor Year Totsl Funds 2020 2019 Calé incorne 35,567 96,123 96,123 Guide Books and RAF Winthorpe Books 1.172 1,669 1,669 Cross charge5 Newark Air Museum Tradin8 Co 3,521 4.694 4,694 Totsl frorn other activities 40,260 102,486 102,486 24 Investment income Currentyear Currentyear Current year unrest￿tted Restrided Total Funds Funds Funds 2020 2020 Prtor Year Total Funds 2020 2019 Bank interest receivable iio iio 256 Total Investment incorne A4 iio iio 256 25 Expenditure on tharit3ble artivities. Direct spending Currentyear Curreni year Current year Unrestrirted Restricted Total Fund5 Funds Funt*s 2020 2020 Prior Year Total F￿ndS 2020 2019 Prefflises costs Educatlonal vi51teharges and exhlbits Admini5tr3tive Incidental including cost of dispersals Wages including employe￿ Ni 67.867 2.227 20.216 3,010 102.433 67,867 2,227 20,216 3,010 102,433 84,202 1,788 25,082 10,855 114,464 rotal dirett 5pendlng B23 195.753 195,753 236,391 15 Newark INottlnghamshlre & Llncolnshlrel Air Museum Limited Detailed analy515 of Incorne and expendltvre forthe year ended 31 December 2020 as requlred by the SORP 2019 26 Support Costs for chaistable actlvities Curlent year Currentyear Current year Unrestricted Restricted Total Funds Funds Funds 2020 Z020 Prioryear Total Funds 2020 2019 Depreciation & Atnortisation 69,348 69,348 68,454 Support costs before reallocation 69,348 69,348 68,454 Total support costs 69,348 69,348 68,454 The basis of allocation of costs between activities is desiribed under accountln8 policie5 27 oiher expendlture- Governance cost Current yeaf Current yeay Currentyear Unie5tri£ted Restricted Total Funds Funds Funds 2020 2020 Prior Year Total Funds 2020 2019 Independent Examiner's fees 2,220 2,220 2,142 Total Governance costs 2.220 2,220 2.142 28 Total Charitable expÈnditur CuTrent year Currentyear Currentyear Unrestrirted Restricted Totsl f￿ndS Fund5 Funds Prlor Year Total Funds 2020 2020 2020 2019 Toial direct spending Total 5UPPtsrt costs Ttsttl Governance costs B2a 195,753 69,348 2.220 195,753 69,348 2,220 236,391 68,454 2,220 B2d Bze Total charftatjle expendltufe B2 267,321 267.321 307,065 29 Expenditure on raising funds and costs tyf investment management Current yea¥ CuNentyÈar Curreni year Unfestritted Restiicted Total Funds Funds Funds 2020 2020 Prlor Year Totsi Funds 2020 Z019 Fundr315ing publicity & marketlng Café t05ts including wages Guide books and RAF history book5 379 66.769 1,621 379 66,769 1.621 6,163 93.492 1.272 Total fundraising costs Bl 68,769 68,769 100,927 Is Ntm'ark Notttn hajnshire and LineDlnshire Air Museum Limtted Inctme & x enditure Account For the Year ended 31.12.2020 2020 ItEconie Dotwlions and legacit8 Air¢rafi enty fees Caf¢ incoll Enirdnce fees Guide books & LIF Winthorpe books 2019 10991 1807 35567 80920 1172 8664 14549 54402 12945 96 123 176873 1669 7594 28970 256 Subs¢ripli¢rts Giftaid receivable Bank and other interest Graiils received Job retenlion s¢heine inco]ne Trading Compally.. Rent & rates Book-keeping Electricity Covenanted proftts 28929 60176 333 1500 1688 4000 250406 444 2000 2250 884 384410 xpenditure Cosl of exhibitslarchives Guide bookslw'ihotpe RAFIPione¢r Publiciry.funriion and dispersals Aircraft repaits and niainlenance Building5 and site mainiei?an¢e lieni. rates and watr Postage & Slaliortery It]surance Heat and light Cafe eOSls Gift aid vouchers Telephone & intErnel Travel Incidentals Subscriptions Blkeeping fees Paye fee A¢counlan¢y Banvjusi giving charg&¢ard n￿Chine Financial £¢e5 Wages.. MuseuTn including ers ni Cafe including ers lli Pcnsion cosis Less employers Nl allowance Depreciation BJnk Fraud 1468 1272 9351 14677 27955 16838 5303 10298 14434 32061 5941 2043 787 ?289 527 4657 1362 2220 2105 2357 1621 3537 524? 26594 16520 4328 9766 9739 15195 2500 2120 291 62 338 4077 2490 2220 257 3809 E05112 51693 1202 140001 69348 15758 01485 1652 130001 68454 5698 336090 40799? 1856841 1235821